Century Aluminum Company Reports First Quarter 2022 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, April 28, 2022 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2022 results. Business Highlights Shipments up 5% sequentiallyNet Sales up 14% sequentially on higher LME pricesGlobal ~1 million tonnes supply deficit and lowest LME inventory levels since 2005Realized LME aluminum price of $2,762/T in first quarter is up $158/T from prior quarter First Quarter 2022 Financial Results $MM (except shipments and per share data) Q4 2021 Q1 2022Shipments (tonnes) 200,961 211,411Net sales$659.1 $753.6Net income$60.4 $17.7Diluted earnings per share$0.59 $0.18Adjusted net income(1)$17.2 $60.7Adjusted earnings per share(1)$0.17 $0.59Adjusted EBITDA(1)$82.2 $105.5 Notes:(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. Shipments of primary aluminum for the quarter ended March 31, 2022 increased 5 percent sequentially, driven primarily by the restart project at Mt. Holly. Net sales for the first quarter of 2022 increased by 14 percent sequentially due to volume and higher aluminum prices. Century reported net income of $17.7 million for the first quarter of 2022, a $42.7 million decrease sequentially. First quarter results were negatively impacted by $42.3 million of net exceptional items, in particular $39.0 million of unrealized losses on derivative instruments and $3.3 million in share-based compensation costs. Thus, Century reported an adjusted net income of $60.7 million for the first quarter of 2022, a $43.5 million improvement sequentially. Adjusted EBITDA for the first quarter of 2022 was $105.5 million. This was an increase of $23.3 million from the prior quarter primarily driven by higher prices of primary aluminum and volume, partially offset by higher raw material costs. Century's liquidity position at quarter end was $154.3 million, an increase of $54.8 million from the prior quarter. “We are pleased to report these excellent results for the first quarter,\" commented President and Chief Executive Officer Jesse Gary. \"Our investments towards restarting production at Hawesville and Mt. Holly, combined with the hard work of our employees, have put us in a great position to benefit from the market conditions that we are experiencing today. “Demand remains strong in our core markets in the U.S. and Europe and inventories have been drawn down to post...

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